Originally Posted by
zechs
And what financial literacy will you teach them?
I've been able to do some pretty amazing things in my life by utilizing credit. Some could definitely argue irresponsibly in fact. But I never did so to the point I was anywhere close to screwed.
How long should satisfaction be deferred in the name of responsibility? I notice little difference between savers and overspenders. Overspenders usually have nicer things (bought on credit). Is that "worth" it? To them it may be.
These are all value judgements. There is no right or wrong to how much interest you pay being silly or not.
The binary is saving or spending, as pointed out in a later post, credit helps get rid of class stratification. This is done on the basis of risk.
I'd say as long as you are saving appropriately for how you want to live in retirement, go ahead and max that shit out if you want. Have a plan to have it all paid for by the time you retire.
Life is too short and too complicated to think that by sacrificing certain pleasures a person is going to magically be rich (interest rate debate is the upper class version of "you'll be rich if you don't have that starbucks everyday") The pandemic really highlighted this.
TL;dr - Cashflow is king, nothing else matters